Crypto Markets See More Slump After Short Recovery Attempt, Bitcoin Holds Gains

Almost all cryptocurrencies are down by significant percentages, with Bitcoin being a notable exception among the top 20 market cap, up under one percent on the day.

Bitcoin is trading sideways, up by about 0.1 percent over the past 24 hours.

After surging to about $8,230 on July 25, BTC is down 8.5 percent on the week.

The coin is still up 1 percent over the past 30 days.

Ethereum has lost 25 percent of its value over the past 30 days, and more than 50 percent over the past three months.

At press time, EOS is trading at $5.23, having lost around 25 percent of value over the past week, while IOTA is down 36 percent on the week, and is trading at $0.54.

Total market capitalization has dipped to as low as $206 billion today, but the markets have managed to retrace some of those losses, bringing the number to $216 billion as of press time.

Today, Bitcoin's share of the total market cap has reached 50 percent for the first time in 2018, as a result of continuous growth that began in May. For comparison, back on Jan. 1, Bitcoin's dominance was around 37 percent.

On Wednesday, Pantera Capital CEO Dan Morehead claimed that crypto markets are reflecting some overreaction from the investors.

According to Morehead, many have exaggerated the importance of the recent postponement of the U.S. Securities and Exchange Commission's decision on a Bitcoin exchange-traded fund application by companies VanEck and SolidX. In addition to recommending investors to focus on the Intercontinental Exchange's announcement of its own crypto platform, Morehead pointed out that Bitcoin is still up about 82 percent on the year, noting that "It's all perspective."